KUALA LUMPUR – The future of banking lies in the digitalisation of all traditional banking activities and services that historically have been available physically inside a bank branch, Asia Pacific Investment Bank (APIB) said, reported Bernama.
Its Product Development vice president, Yin Shao Ming said digital banking will initiate the digital economy into a self-financing era.
“At APIB, we are focusing on running the Asia Digital Bank, which is wholly-owned by APIB, and have been licensed as a digital bank by Labuan Financial Service Authority to position ourselves as a global digit asset operator.”
“Our mission is to create an ecosystem which is self-sustaining using the stable monetised token to eventually create trade within countries. We would like to be the world’s leading, inclusive and self-financing digital asset trading service platform,” he said in a webinar yesterday.
During the ‘Wealth Management Game Changer: Mydigital, MyInvestment, MyFuture’ webinar hosted by APIB, he described the recently launched MyDigital Blueprint as a positive effort by the government to tackle the digital divide among the levels of society in the country.
“Having the MyDigital plan is something very good for the country as there are still many challenges faced by the society especially in enabling access to the financial institution information for the B40 group,” he said.
Yin hopes that the government would speed up the development of digital infrastructure to enable people to experience a seamless digital journey before the country moves towards adopting a fifth-generation (5G) network.
“I’d like to highlight that the government should prioritise improving network fiberisation, as a slow process can result in financial gaps when the data become more expensive without proper infrastructure,” he added.